LA's Staples Center to be renamed after cryptocurrency firm

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The LA Lakers, LA Clippers, the LA Sparks, and the LA Kings are professional sports teams that play at the arena.

One of the biggest sports and entertainment venues in the US will be renamed after a company in a multi-million dollar deal.

A Singapore-based firm will pay more than $700m for the rights to the 20,000-seat stadium.

It has a 20-year deal with AEG.

From Christmas Day, the rebrand will be effective.

The LA Clippers, LA Lakers, LA Kings, and the LA Sparks are all professional sports teams that play at the Staples Center.

It has hosted some of the biggest names in music, including Bruce Springsteen and Taylor Swift.

The first name change for the stadium was in October 1999. For a 10 year period, the office supply company paid $100 million for the naming rights. The rights were extended in 2009.

The rights were bought back by the stadium owner.

In 2016 there was a new website called CRYPTO.com. The company has 10 million users and 3,000 employees.

Its main business is an online exchange that allows users to trade and store cryptocurrencies, but it has recently launched its own token.

Kris Marszalek, the company's co- founder, told the Los Angeles Times that "in the next few years, people will look back at this moment as the moment when the internet crossed the chasm into the mainstream".

Cryptocurrencies have become more involved in sports sponsorship as the industry seeks to get mainstream recognition.

A high-profile shirt partnership with the Philadelphia 76ers basketball team is one of the $400 million worth of sports sponsorship deals that the website has.

Major League Baseball and FTX announced a partnership in June.

The new shirt sponsor of the football club, Stake, paid them in cryptocurrencies. The club was sponsored by the industry giant.

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How do cryptocurrencies work?

There is a virtual currency called the "Bitcoin."
Los Angeles.
The United States.
It is a form of money called cryptocurrencies.